Lagos ranks world’s second cheapest
city

Nigeria commercial nerve centre, Lagos, has beenranked the second cheapest city in the world forexpatriates.According to a report by the EconomicIntelligence Unit on Monday, Lagos which fell 16places to 132nd place on the world priciest citiesindex joins Kazakhstan’s Almaty at the bottom.

The report said,

“Although Nigeria has been attracting significantinterest and investment in recent years, the fall inglobal oil prices has driven a collapse in the valueof the Nigerian naira, which pushed down relativepricing, despite strong local inflation. The relativecost of living in Lagos has more than halvedsince 2008, which might signal renewed interestfrom foreign investors, with price levels so low byinternational standards. “The Worldwide Cost of Living 2017 report sawAsian cities take five of the top ten spots, thanksto a sustained recovery in the strength of theJapanese yen that propelled Tokyo and Osakaback into the top ten, alongside Singapore andSeoul.Singapore was ranked the most expensive city inthe world for expatriates for the fourthconsecutive year.Western Europe accounted for a further fourcities, with stalwarts Zurich and Geneva in thirdand seventh position respectively.Paris, the only Eurozone city, came in eighthposition and the Danish capital Copenhagen,which pegs its currency to the Euro, rounded offthe top ten.New York was the lone North Americanrepresentative, falling to ninth position owing toa slight weakening of the U.S. dollar, which alsoaffected the position of other US cities.The Worldwide Cost of Living is a twice-yearlysurvey that compares more than 400 individualprices across 160 products and services thatinclude food, rent, transport and recreationalcosts, among others.